When to Invest in Personal Coaching: A Guide for Individuals

Coaching can be a powerful tool for personal growth and development, but knowing when to invest in it yourself rather than through your company can be tricky. 

BOLDLY typically operates in a B2B model, collaborating closely with organizations to expertly match employees with the ideal coach. This process is often facilitated by an HR Business Partner, who provides valuable insight into the employee's needs and organizational context, ensuring optimal coaching outcomes. The HR Business Partner's involvement is crucial in engaging the employee and guiding them towards making informed coaching decisions that align with both personal and organizational goals. 

However, BOLDLY also recognizes that there are instances where individuals seek coaching independently. In these cases, BOLDLY adapts its approach to provide more comprehensive support to the coachee. Without the intermediary role of an HR Business Partner, BOLDLY steps in to offer additional guidance, helping individuals navigate the coaching selection process, set appropriate goals, and maximize the benefits of their coaching experience. This flexible model allows BOLDLY to maintain its high standards of coach-coachee matching and support, whether working through organizational channels or directly with individuals.

Here's a guide to help you decide if now is the right time to seek personal coaching:

1. Career Transitions If you're considering a major career change or feeling stuck in your current role, personal coaching can provide valuable guidance. A coach can help you explore your options, identify transferable skills, and create an action plan for your transition.
2. Work-Life Balance Struggles When your professional and personal lives feel out of sync, a coach can assist in developing strategies to create harmony. This might involve time management techniques, setting boundaries, or reassessing priorities.
3. Personal Goal Setting and Achievement For those with ambitious personal goals outside of work – whether in fitness, relationships, or personal projects – a coach can offer accountability and support to help you stay on track.
4. Leadership Development If you aspire to leadership roles but your company doesn't offer specific training, personal coaching can help you develop crucial leadership skills and confidence.
5. Entrepreneurial Aspirations Thinking of starting your own business? A coach can guide you through the early stages of entrepreneurship, helping you refine your ideas and develop a solid business plan.
6. Overcoming Personal Obstacles When facing challenges like imposter syndrome, self-doubt, or difficulty with interpersonal relationships, a personal coach can provide tools and techniques to overcome these hurdles.
7. Life Transitions Major life changes such as marriage, parenthood, or relocation can benefit from the guidance of a coach to help you navigate new territories and responsibilities.
8. Skill Development Outside Your Current Role If you're looking to develop skills that aren't directly related to your current job but are important for your personal growth, a coach can help you create and stick to a learning plan.
9. Confidentiality Concerns When dealing with sensitive issues that you'd prefer to keep separate from your workplace, personal coaching offers a confidential space to work through challenges.
10. Long-term Career Planning If you're looking to map out a long-term career strategy that may involve multiple companies or industries, personal coaching can provide an unbiased perspective and help you create a comprehensive plan.

Remember, investing in personal coaching is an investment in yourself. While company-sponsored coaching can be valuable, personal coaching allows for a more holistic approach to your growth and development, unrestricted by company goals or policies.

As a general guideline, some individuals allocate between 5-15% of their annual income for personal and professional development, which could include coaching, retreats and formal education or courses. However, this varies greatly based on individual circumstances. Those who are in the fortunate position to allocate these resources from their budget, of course want to ensure that their investment is made wisely. 

When considering a budget for personal coaching, individuals should take several factors into account:

1. Return on Investment (ROI) Consider coaching as an investment in your future. Think about potential long-term benefits such as increased earnings, career advancement, or improved quality of life. Try to estimate the potential ROI to justify the expense.
2. Current Financial Situation Assess your disposable income and savings. Ensure that investing in coaching won't put undue strain on your finances or compromise essential expenses.
3. Coaching Frequency and Duration Determine how often you'll need sessions and for how long. Some might benefit from intensive short-term coaching, while others may need less frequent sessions over a longer period.
4. Coach's Experience and Credentials More experienced coaches or those with specialized expertise often charge higher rates. Consider whether their specific skills justify a higher investment.
5. Your Goals and Their Complexity Complex goals or significant life changes might require more coaching time and resources, potentially increasing the overall cost.
6. Alternative Resources Consider what free or low-cost resources are available (books, online courses, mentoring) and how coaching complements these.
7. Opportunity Cost Weigh the cost of coaching against the potential cost of not receiving guidance (e.g., staying in an unfulfilling job or struggling with work-life balance).

Remember, the goal is to find a balance where the investment feels significant enough to keep you committed, but not so high that it causes financial stress. It's often helpful to start with a smaller commitment and adjust as you see results.

Before committing to a coach, do your research. Look for credentials, read testimonials, and consider having initial conversations with a few coaches to find the right fit for your needs and personality.

If you're interested in learning more about how BOLDLY can help your organisation, we invite you to explore our website or write to us at connect@boldly.app.

About the Author:

Alexandra Lamb is an accomplished organisational development practitioner, with experience across APAC, North America, and MENA. With 20+ years in professional practice, conglomerates, and startups, she has collaborated with rapid-growth companies and industry innovators to develop leaders and high-performance teams. She is particularly experienced in talent strategy as a driver for business growth. Drawing from her experience in the fields of talent management, psychology, coaching, product development, and human-centred design, Alex prides herself on using commercial acumen to design talent solutions with true impact.